Budget

    A budget is a spending plan. The money plan contains two main parts. The two main parts are income and expenses.

Income and Expenses

Your expenses are a list of what you spent your money on. It is the money you have to spend.  Your income is the money you earn. In other words, that is your allowance you earn from chores. You should plan out a spending plan so that you won't go broke by just buying stuff that you don’t even need.

Wants and Needs

There is a difference between needs and wants. You should always buy your needs before you buy your wants. A need could be you need some food. But a want could be a movie ticket or a really cool video game you saw at the store. Some kids have a money plan and they buy Playstation equipment electronics or Food and stuff at the mall.